Economics Today and Tomorrow Chapter 5 – Flashcards
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club warehouse store
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store that carries a limited number of brands and items in large quantities and is less expensive than grocery stores
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convenience store
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A miniature supermarket, carrying only a limited line of high-turnover convenience goods.
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private label products
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merchandise developed by a retailer to sell in their store along side branded products.
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durability
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Ability of an item to last a long time
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service flow
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amount of use a person gets from an item over time and the value a person places on this use
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lease
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a contract granting use or occupation of property during a specified time for a specified payment
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security deposit
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A sum of money usually equal to one month's ren, held by the landlord to cover any damage to the apartment caused by a tenant.
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closing costs
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fees involved in arranging for a mortgage or in transferring ownership of property
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mortgage points
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fees charges by lenders at the time they grant a mortgage loan; related to the lender's supply of loanable funds and the demand for mortgages
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registration fee
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licensing fee, usually annual, paid to a state for the right to use a car
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liability insurance
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Covers when liable or responsible for an accident where others are injured or killed
